Global finance: Westpac is denying rigged the BBSW

Westpac is denying it rigged the bank bill swap rate, or BBSW, in a court case brought by the Australian Securities and Investments Commission at the court in Melbourne which started last week. Where the other two banks, ANZ and NAB has already made the settlement with ASIC. Thus, Ivan has invited financial planner Kam Yuen to explain what is BBSW and how does the operation of rate rigging effects the bank culture.

Moody's is warning that ANZ's credit rating is at risk of it loses its BBSW rate rigging court case. (AAP) Source: AAP